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GUEST EDITORIAL: monetary regulators are paving just how for predatory loan providers

GUEST EDITORIAL: monetary regulators are paving just how for predatory loan providers

Federal regulators appear to be doing their utmost to permit predatory loan providers to swarm our state and proliferate.

Final month, the buyer Financial Protection Bureau rescinded a vital payday lending reform. As well as on July 20, a bank regulator proposed a guideline that will enable predatory loan providers to use even yet in violation of a situation interest rate cap – by paying out-of-state banking institutions to pose because the “true lender” for the loans the predatory lender markets, makes and manages. This scheme is called by us“rent-a-bank.”

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